The historical locations impede achieving net-zero carbon emissions.
QUICK FACTS:
- Deputy Governor at the Bank of Italy Paolo Angelini said the extreme push to net-zero carbon emissions may require demolishing centuries-old buildings.
- Angelini told Politico that the drive to reach net zero threatens the stability of the economy, as banks are forced to change their policies to comply with the quickly-changing carbon ideals.
- When Angelini asked his team what they could do to become net zero, they told him: “If you allow us to tear down all our historical buildings and build energy-efficient ones, then we can do it.”
- Politico then asked its readers, “How much of Europe’s present — and past — is it willing to risk to secure its future?”
- Elsewhere in the interview, Angelini warned, “If everybody divests from high-emitting sectors, there will be a problem because if the economy does not adjust at the same time, things could blow up unless a miracle happens in terms of new technology.”
- “I would personally drop the targets and go for a strategy of investing in firms with credible and ambitious transition plans,” Angelini said, advocating for a slower, progressive strategy for going green rather than moving to quickly achieve target goals.
CONTROVERSIES OF MODERN AND TRADITIONAL ARCHITECTURE:
- London mayor Sadiq Khan’s Housing Design Advocate opposes traditional architecture, finding it to be “offensive.”
- “If beauty harks back to oppression we are on very dangerous ground,” the advocate suggested in a since-deleted tweet.
- After Notre Dame burned in 2019, the French government desired a modern redesign of the site in an effort to adapt to the “techniques and the challenges of our era,” according to French President Emmanuel Macron, although he later backtracked to advocate for a traditional rebuild.
- In 2006, Scottish Parliament had to evacuate its new building after the roof was on the verge of collapse.
- The building was known to be a management failure of “gigantic proportions and ultimately cost 8 times its original budget.
BACKGROUND:
- Investment management company BlackRock expects 75% of its investments in companies and governments to be compliant with net zero targets by 2030.
- “As the transition proceeds and issuers and asset owners continue to position themselves in front of it, we anticipate that by 2030, at least 75% of BlackRock corporate and sovereign assets managed on behalf of clients will be invested in issuers with science-based targets or equivalent,” BlackRock said in a statement.
- “Our clients’ portfolios—which reflect the global economy—cannot reach net zero without sustained and consistent government policy, accelerated technological breakthroughs, and substantial adaptation in corporate business models,” the statement added.
